83 FR 6735 - Proposed Collections; Comment Requests

DEPARTMENT OF THE TREASURY

Federal Register Volume 83, Issue 31 (February 14, 2018)

Page Range		6735-6737
FR Document		2018-02954

The Department of the Treasury, as part of its continuing effort to reduce paperwork burdens, invites the general public and other Federal agencies to comment on revisions of an information collection that are proposed for approval by the Office of Management and Budget. The Office of International Affairs within the Department of the Treasury is soliciting comments concerning the revisions of the Treasury International Capital (TIC) Forms BC, BL-1, BL-2, BQ-1, BQ-2, and BQ-3 (called the ``TIC B forms'').

Federal Register, Volume 83 Issue 31 (Wednesday, February 14, 2018)

[Federal Register Volume 83, Number 31 (Wednesday, February 14, 2018)]
[Notices]
[Pages 6735-6737]
From the Federal Register Online  [www.thefederalregister.org]
[FR Doc No: 2018-02954]


-----------------------------------------------------------------------

DEPARTMENT OF THE TREASURY


Proposed Collections; Comment Requests

AGENCY: Departmental Offices; Department of the Treasury.
SUMMARY: The Department of the Treasury, as part of its continuing 
effort to reduce paperwork burdens, invites the general public and 
other Federal agencies to comment on revisions of an

[[Page 6736]]

information collection that are proposed for approval by the Office of 
Management and Budget. The Office of International Affairs within the 
Department of the Treasury is soliciting comments concerning the 
revisions of the Treasury International Capital (TIC) Forms BC, BL-1, 
BL-2, BQ-1, BQ-2, and BQ-3 (called the ``TIC B forms'').

DATES: Written comments should be received on or before April 16, 2018 
to be assured of consideration.

ADDRESSES: Direct all written comments to Dwight Wolkow, International 
Portfolio Investment Data Systems, Department of the Treasury, Room 
5422, 1500 Pennsylvania Avenue NW, Washington, DC 20220. In view of 
possible delays in mail delivery, please also notify Mr. Wolkow by 
email ([email protected]), fax (202-622-2009) or telephone 
(202-622-1276).

FOR FURTHER INFORMATION CONTACT: Copies of the proposed forms and 
instructions are available on the Treasury's TIC Forms web page, http://www.treasury.gov/resource-center/data-chart-center/tic/Pages/forms.aspx. Requests for additional information should be directed to 
Mr. Wolkow.

SUPPLEMENTARY INFORMATION: 
    & Treasury International Capital (TIC) Form BC ``Monthly Report of 
U.S. Dollar Claims of Financial Institutions on Foreign Residents;'' 
TIC BL-1 ``Monthly Report of U.S. Dollar Liabilities of Financial 
Institutions to Foreign Residents;'' TIC BL-2 ``Monthly Report of 
Customers' U.S. Dollar Liabilities to Foreign Residents;'' TIC BQ-1 
``Quarterly Report of Customers' U.S. Dollar Claims on Foreign 
Residents;'' TIC BQ-2 ``Part 1: Quarterly Report of Foreign Currency 
Liabilities and Claims of Financial Institutions and of their Domestic 
Customers' Foreign Currency Claims with Foreign Residents'' and ``Part 
2: the Report of Customers' Foreign Currency Liabilities to Foreign 
Residents;'' and TIC BQ-3 ``Quarterly Report of Maturities of Selected 
Liabilities and Claims of Financial Institutions with Foreign 
Residents.''
    OMB Numbers: 1505-0017 (TIC BC), 1505-0019 (TIC BL-1), 1505-0018 
(TIC BL-2), 1505-0016 (TIC BQ-1), 1505-0020 (TIC BQ-2), and 1505-0189 
(TIC BQ-3).
    Abstract: Forms BC, BL-1, BL-2, BQ-1, BQ-2, BQ-3 are part of the 
Treasury International Capital (TIC) reporting system, which is 
required by law (22 U.S.C. 286f; 22 U.S.C. 3103; E.O. 10033; 31 CFR 
128) and are designed to collect timely information on international 
portfolio capital movements. These forms are filed by all U.S.-resident 
financial institutions. On the monthly forms, these organizations 
report their own claims on (BC), their own liabilities to (BL-1), and 
their U.S. customers' liabilities to (BL-2) foreign residents, 
denominated in U.S. dollars. On the quarterly forms, these 
organizations report their U.S.-resident customers' U.S. dollar claims 
on foreign residents (BQ-1), and their own and their domestic 
customers' claims and liabilities with foreign residents, where all 
claims and liabilities are denominated in foreign currencies (BQ-2). On 
the quarterly BQ-3 form, these organizations report the remaining 
maturities of all their own U.S. dollar and foreign currency 
liabilities and claims (excluding securities) with foreign residents. 
This information is necessary for compiling the U.S. balance of 
payments accounts and the U.S. international investment position, and 
for use in formulating U.S. international financial and monetary 
policies.
    Current Actions: (a) No changes to the Forms are proposed. The 
following are all changes in the instructions. (b) Electronic filing of 
all TIC B reports (BC, BL-1, BL-2, BQ-1, BQ-2, and BQ-3) will be 
mandatory. More specifically in the instructions, Section I.F.1, 
``Submission of Reports'', now indicates that the TIC B reports must be 
submitted electronically by using the Federal Reserve System's 
``Reporting Central'' electronic submission system. It is easy to use, 
secure, provides confirmation of the receipt of the data, and performs 
a number of validity checks of your file format. The TIC B reports can 
no longer be filed by mail or Fax and can no longer be reported on 
computer or other paper. In order to ensure access to Reporting Central 
is established prior to submission of TIC B reports as of June 30, 
2018, respondents are strongly encouraged to contact the Federal 
Reserve Bank of New York at 212-720- 6300 as soon as possible for more 
information on how to establish a Reporting Central account. (c) The 
``Who Must Report'' section of the instructions is updated to list out 
separately Trustees of Collateralized Loan Obligations (CLOs). (d) 
Sections IV.A and VII.A, ``What to Report'', have been updated to 
indicate that liabilities of U.S. residents to foreign residents from 
loan syndications or from loans and loan participations that are pooled 
into foreign Collateralized Loan Obligations (CLOs) should be reported 
by the U.S. Trustee of the foreign CLOs on the TIC BL-2 and TIC BQ-2 
reports. (e) Sections IV.B and VII.B, ``Column Definitions'', have been 
updated to indicate that liabilities of U.S. residents to foreign 
residents from loan syndications or from loans and loan participations 
that are pooled into foreign Collateralized Loan Obligations (CLOs) 
should be reported by the U.S. Trustee of the foreign CLOs as ``Other 
Custody Liabilities'' on the BL-2 and BQ-2 reports. (f) The glossaries 
for all Treasury International Capital (``TIC'') reports are 
consolidated into a single document which will provide more consistency 
across the TIC system. As a result, the TIC B reporting instructions 
will not include a glossary but will point to the separate consolidated 
TIC Glossary document on the Treasury website. (g) A new glossary entry 
provides a definition for ``U.S. CLO Trustee''. In addition, the 
glossary entries for ``Administrative Agent'' and ``Loan Servicing 
Arrangements, Loan Servicer'' now include information on the reporting 
requirements of U.S. CLO Trustees. (h) A new flowchart in Section IX 
``Appendix'' clarifies the reporting treatment for loans to U.S. 
residents when the loans are pooled into foreign CLOs. (i) These 
changes will be effective beginning with the TIC B reports as of June 
30, 2018, and afterwards.
    Type of Review: Revision of a currently approved collection.
    Affected Public: Business or other for-profit organizations.
    Forms: BC, BL-1, BL-2, BQ-1, BQ-2, and BQ-3.
    Estimated Number of Respondents: BC, 385; BL-1, 378; BL-2, 103; BQ-
1, 100; BQ-2, 199 and BQ-3, 154.
    Estimated average Time per Respondent per Filing: BC, 9.9 hours; 
BL-1, 7.1 hours; BL-2, 8.25 hours; BQ-1, 3.1 hours; BQ-2, 6.6 hours; 
and BQ-3, 4.0 hours. The average time varies, and is estimated to be 
generally twice as many hours for major data reporters as for other 
reporters.
    Estimated Total Annual Burden Hours: BC, 45,738 hours for 12 
reports per year; BL-1, 32,206 hours for 12 reports per year; BL-2, 
10,197 hours for 12 reports per year; BQ-1, 240 hours for 4 reports per 
year, BQ-2, 5,254 hours for 4 reports per year; and BQ-3, 2,464 hours 
for 4 reports per year.
    Request for Comments: Comments submitted in response to this notice 
will be summarized and/or included in the request for Office of 
Management and Budget approval. All comments will become a matter of 
public record. The public is invited to submit written comments 
concerning: (a) Whether Forms BC, BL-1, BL-2, BQ-1, BQ-2, and BQ-3 are 
necessary for the proper performance of the functions of the Office, 
including whether the information will have practical uses; (b) the 
accuracy of the above estimate of the

[[Page 6737]]

burdens; (c) ways to enhance the quality, usefulness and clarity of the 
information to be collected; (d) ways to minimize the reporting and/or 
record keeping burdens on respondents, including the use of information 
technologies to automate the collection of the data; and (e) estimates 
of capital or start-up costs of operation, maintenance and purchase of 
services to provide information.

Dwight Wolkow,
Administrator, International Portfolio Investment Data Systems.
[FR Doc. 2018-02954 Filed 2-13-18; 8:45 am]
 BILLING CODE 4810-25-P

6736 Federal Register / Vol. 83, No. 31 / Wednesday, February 14, 2018 / Notices

information collection that are proposed financial institutions. On the monthly to foreign residents from loan
for approval by the Office of forms, these organizations report their syndications or from loans and loan
Management and Budget. The Office of own claims on (BC), their own liabilities participations that are pooled into
International Affairs within the to (BL–1), and their U.S. customers’ foreign Collateralized Loan Obligations
Department of the Treasury is soliciting liabilities to (BL–2) foreign residents, (CLOs) should be reported by the U.S.
comments concerning the revisions of denominated in U.S. dollars. On the Trustee of the foreign CLOs as ‘‘Other
the Treasury International Capital (TIC) quarterly forms, these organizations Custody Liabilities’’ on the BL–2 and
Forms BC, BL–1, BL–2, BQ–1, BQ–2, report their U.S.-resident customers’ BQ–2 reports. (f) The glossaries for all
and BQ–3 (called the ‘‘TIC B forms’’). U.S. dollar claims on foreign residents Treasury International Capital (‘‘TIC’’)
DATES: Written comments should be (BQ–1), and their own and their reports are consolidated into a single
received on or before April 16, 2018 to domestic customers’ claims and document which will provide more
be assured of consideration. liabilities with foreign residents, where consistency across the TIC system. As a
ADDRESSES: Direct all written comments all claims and liabilities are result, the TIC B reporting instructions
to Dwight Wolkow, International denominated in foreign currencies (BQ– will not include a glossary but will
Portfolio Investment Data Systems, 2). On the quarterly BQ–3 form, these point to the separate consolidated TIC
Department of the Treasury, Room 5422, organizations report the remaining Glossary document on the Treasury
1500 Pennsylvania Avenue NW, maturities of all their own U.S. dollar website. (g) A new glossary entry
Washington, DC 20220. In view of and foreign currency liabilities and provides a definition for ‘‘U.S. CLO
possible delays in mail delivery, please claims (excluding securities) with Trustee’’. In addition, the glossary
also notify Mr. Wolkow by email foreign residents. This information is entries for ‘‘Administrative Agent’’ and
(comments2TIC@treasury.gov), fax necessary for compiling the U.S. balance ‘‘Loan Servicing Arrangements, Loan
(202–622–2009) or telephone (202–622– of payments accounts and the U.S. Servicer’’ now include information on
1276). international investment position, and the reporting requirements of U.S. CLO
for use in formulating U.S. international Trustees. (h) A new flowchart in Section
FOR FURTHER INFORMATION CONTACT:
financial and monetary policies. IX ‘‘Appendix’’ clarifies the reporting
Copies of the proposed forms and treatment for loans to U.S. residents
instructions are available on the Current Actions: (a) No changes to the
Forms are proposed. The following are when the loans are pooled into foreign
Treasury’s TIC Forms web page, http:// CLOs. (i) These changes will be effective
www.treasury.gov/resource-center/data- all changes in the instructions. (b)
Electronic filing of all TIC B reports (BC, beginning with the TIC B reports as of
chart-center/tic/Pages/forms.aspx. June 30, 2018, and afterwards.
Requests for additional information BL–1, BL–2, BQ–1, BQ–2, and BQ–3)
Type of Review: Revision of a
should be directed to Mr. Wolkow. will be mandatory. More specifically in
currently approved collection.
SUPPLEMENTARY INFORMATION: the instructions, Section I.F.1, Affected Public: Business or other for-
& Treasury International Capital (TIC) ‘‘Submission of Reports’’, now indicates profit organizations.
Form BC ‘‘Monthly Report of U.S. Dollar that the TIC B reports must be submitted Forms: BC, BL–1, BL–2, BQ–1, BQ–2,
Claims of Financial Institutions on electronically by using the Federal and BQ–3.
Foreign Residents;’’ TIC BL–1 ‘‘Monthly Reserve System’s ‘‘Reporting Central’’ Estimated Number of Respondents:
Report of U.S. Dollar Liabilities of electronic submission system. It is easy BC, 385; BL–1, 378; BL–2, 103; BQ–1,
Financial Institutions to Foreign to use, secure, provides confirmation of 100; BQ–2, 199 and BQ–3, 154.
Residents;’’ TIC BL–2 ‘‘Monthly Report the receipt of the data, and performs a Estimated average Time per
of Customers’ U.S. Dollar Liabilities to number of validity checks of your file Respondent per Filing: BC, 9.9 hours;
Foreign Residents;’’ TIC BQ–1 format. The TIC B reports can no longer BL–1, 7.1 hours; BL–2, 8.25 hours; BQ–
‘‘Quarterly Report of Customers’ U.S. be filed by mail or Fax and can no 1, 3.1 hours; BQ–2, 6.6 hours; and BQ–
Dollar Claims on Foreign Residents;’’ longer be reported on computer or other 3, 4.0 hours. The average time varies,
TIC BQ–2 ‘‘Part 1: Quarterly Report of paper. In order to ensure access to and is estimated to be generally twice as
Foreign Currency Liabilities and Claims Reporting Central is established prior to many hours for major data reporters as
of Financial Institutions and of their submission of TIC B reports as of June for other reporters.
Domestic Customers’ Foreign Currency 30, 2018, respondents are strongly Estimated Total Annual Burden
Claims with Foreign Residents’’ and encouraged to contact the Federal Hours: BC, 45,738 hours for 12 reports
‘‘Part 2: the Report of Customers’ Reserve Bank of New York at 212–720– per year; BL–1, 32,206 hours for 12
Foreign Currency Liabilities to Foreign 6300 as soon as possible for more reports per year; BL–2, 10,197 hours for
Residents;’’ and TIC BQ–3 ‘‘Quarterly information on how to establish a 12 reports per year; BQ–1, 240 hours for
Report of Maturities of Selected Reporting Central account. (c) The 4 reports per year, BQ–2, 5,254 hours for
Liabilities and Claims of Financial ‘‘Who Must Report’’ section of the 4 reports per year; and BQ–3, 2,464
Institutions with Foreign Residents.’’ instructions is updated to list out hours for 4 reports per year.
OMB Numbers: 1505–0017 (TIC BC), separately Trustees of Collateralized Request for Comments: Comments
1505–0019 (TIC BL–1), 1505–0018 (TIC Loan Obligations (CLOs). (d) Sections submitted in response to this notice will
BL–2), 1505–0016 (TIC BQ–1), 1505– IV.A and VII.A, ‘‘What to Report’’, have be summarized and/or included in the
0020 (TIC BQ–2), and 1505–0189 (TIC been updated to indicate that liabilities request for Office of Management and
BQ–3). of U.S. residents to foreign residents Budget approval. All comments will
Abstract: Forms BC, BL–1, BL–2, BQ– from loan syndications or from loans become a matter of public record. The
1, BQ–2, BQ–3 are part of the Treasury and loan participations that are pooled public is invited to submit written
daltland on DSKBBV9HB2PROD with NOTICES

International Capital (TIC) reporting into foreign Collateralized Loan comments concerning: (a) Whether
system, which is required by law (22 Obligations (CLOs) should be reported Forms BC, BL–1, BL–2, BQ–1, BQ–2,
U.S.C. 286f; 22 U.S.C. 3103; E.O. 10033; by the U.S. Trustee of the foreign CLOs and BQ–3 are necessary for the proper
31 CFR 128) and are designed to collect on the TIC BL–2 and TIC BQ–2 reports. performance of the functions of the
timely information on international (e) Sections IV.B and VII.B, ‘‘Column Office, including whether the
portfolio capital movements. These Definitions’’, have been updated to information will have practical uses; (b)
forms are filed by all U.S.-resident indicate that liabilities of U.S. residents the accuracy of the above estimate of the

VerDate Sep<11>2014 22:07 Feb 13, 2018 Jkt 244001 PO 00000 Frm 00230 Fmt 4703 Sfmt 4703 E:\FR\FM\14FEN1.SGM 14FEN1

$Federal Register / Vol. 83, No. 31 / Wednesday, February 14, 2018 / Notices 6737 burdens; (c) ways to enhance the including the use of information maintenance and purchase of services to quality, usefulness and clarity of the technologies to automate the collection provide information. information to be collected; (d) ways to of the data; and (e) estimates of capital Dwight Wolkow, minimize the reporting and/or record or start-up costs of operation, Administrator, International Portfolio keeping burdens on respondents, Investment Data Systems. [FR Doc. 2018–02954 Filed 2–13–18; 8:45 am] BILLING CODE 4810–25–P daltland on DSKBBV9HB2PROD with NOTICES VerDate Sep<11>2014 22:07 Feb 13, 2018 Jkt 244001 PO 00000 Frm 00231 Fmt 4703 Sfmt 9990 E:\FR\FM\14FEN1.SGM 14FEN1$

Document Created: 2018-02-14 03:59:06
Document Modified: 2018-02-14 03:59:06

Category		Regulatory Information
Collection		Federal Register
sudoc Class		AE 2.7: GS 4.107: AE 2.106:
Publisher		Office of the Federal Register, National Archives and Records Administration
Section		Notices
Action		(a) No changes to the Forms are proposed. The following are all changes in the instructions. (b) Electronic filing of all TIC B reports (BC, BL-1, BL-2, BQ-1, BQ-2, and BQ-3) will be mandatory. More specifically in the instructions, Section I.F.1, ``Submission of Reports'', now indicates that the TIC B reports must be submitted electronically by using the Federal Reserve System's ``Reporting Central'' electronic submission system. It is easy to use, secure, provides confirmation of the receipt of the data, and performs a number of validity checks of your file format. The TIC B reports can no longer be filed by mail or Fax and can no longer be reported on computer or other paper. In order to ensure access to Reporting Central is established prior to submission of TIC B reports as of June 30, 2018, respondents are strongly encouraged to contact the Federal Reserve Bank of New York at 212-720- 6300 as soon as possible for more information on how to establish a Reporting Central account. (c) The ``Who Must Report'' section of the instructions is updated to list out separately Trustees of Collateralized Loan Obligations (CLOs). (d) Sections IV.A and VII.A, ``What to Report'', have been updated to indicate that liabilities of U.S. residents to foreign residents from loan syndications or from loans and loan participations that are pooled into foreign Collateralized Loan Obligations (CLOs) should be reported by the U.S. Trustee of the foreign CLOs on the TIC BL-2 and TIC BQ-2 reports. (e) Sections IV.B and VII.B, ``Column Definitions'', have been updated to indicate that liabilities of U.S. residents to foreign residents from loan syndications or from loans and loan participations that are pooled into foreign Collateralized Loan Obligations (CLOs) should be reported by the U.S. Trustee of the foreign CLOs as ``Other Custody Liabilities'' on the BL-2 and BQ-2 reports. (f) The glossaries for all Treasury International Capital (``TIC'') reports are consolidated into a single document which will provide more consistency across the TIC system. As a result, the TIC B reporting instructions will not include a glossary but will point to the separate consolidated TIC Glossary document on the Treasury website. (g) A new glossary entry provides a definition for ``U.S. CLO Trustee''. In addition, the glossary entries for ``Administrative Agent'' and ``Loan Servicing Arrangements, Loan Servicer'' now include information on the reporting requirements of U.S. CLO Trustees. (h) A new flowchart in Section IX ``Appendix'' clarifies the reporting treatment for loans to U.S. residents when the loans are pooled into foreign CLOs. (i) These changes will be effective beginning with the TIC B reports as of June 30, 2018, and afterwards.
Dates		Written comments should be received on or before April 16, 2018 to be assured of consideration.
Contact		Copies of the proposed forms and instructions are available on the Treasury's TIC Forms web page, http:/ /www.treasury.gov/resource-center/data-chart-center/tic/Pages/ forms.aspx. Requests for additional information should be directed to Mr. Wolkow.
FR Citation		83 FR 6735